TITLE
Recommendation to receive supporting documentation into the record regarding the Tax Equity and Fiscal Responsibility Act (TEFRA) public hearing; and adopt resolution approving the issuance of revenue bonds by the California Statewide Communities Development Authority (CSCDA), to benefit Brethren Manor Senior Care, L.P., or its affiliates, Brethren Manor Apartments, in an amount not to exceed $25,000,000. (District 7)
DISCUSSION
Brethren Manor Senior Care, L.P., has requested the California Statewide Communities Development Authority (CSCDA) to issue bonds on its behalf, in an aggregate amount not to exceed $25,000,000. The CSCDA is a joint exercise of powers authority consisting of over 500 California cities, counties and special districts, including the City.
The CSCDA will issue tax-exempt debt to help finance the acquisition and rehabilitation of an apartment building located at 3333 Pacific Place, which is referred to as Brethren Manor Apartments (BMA). The BMA is intended housing for very low-income senior residents and includes 296 apartment units. The rehabilitation of the property will include modernization of all common areas, replacement of major systems, including an elevator, HVAC, windows, electrical, lighting, upgrades to fire, life and safety, and complete refurbishment of the individual units. The rehabilitation will surpass HUD’s standard of substantial rehab.
The project is being financed with tax-exempt bond proceeds, low-income housing tax credits, and developer equity. The expected bond issuance date is June 3, 2015.
The Internal Revenue Service Code requires that CSCDA seek debt-issuance approval from the City Council of the bonds issued, a portion of which will benefit facilities within the City, without taking a position on the project itself. A TEFRA public hearing notification was published in the Long Beach Press-Telegram on February 16, 2015. The TEFRA hearing was held on March 2, 2015 at 9:00 am. The public hearing, r...
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